New York, United States, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Carbon black is used to create synthetic fabrics as a coloring ingredient. For instance, garments and fabrics manufactured from denier polyester and nylon fibers are colored carbon black since these materials require strong color performance. Carbon black is often used in the production of athletic and military gear. The production of coarse staple fibers, which are mainly used to create woven blankets, floor coverings, and other textiles, is another process that uses carbon black. The primary factors driving the market's expansion are the growing market penetration of specialty black and the expanding uses in the fiber and textile industries.
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Increasing Use in the Textile and Fiber Industries Drives the Global Market
According to Straits Research, "The global carbon black industry size was valued at USD 12.80 billion in 2022. It is projected to reach USD 19.10 billion by 2031, growing at a CAGR of 4.55% during the forecast period (2023-2031)." Specialty carbon black, also known as pigment black, is the purest type of carbon black, with the least amount of ash, sulfur, and other impurities. Specialty carbon black is expanding quickly in industrialized nations like the United States, making up for the standard carbon black market's slower expansion. Specialty carbon black offers a vivid color, improved conductivity, viscosity, and U.V. defense. Specialty carbon black is used in every non-rubber use of carbon black, which is anticipated to grow dramatically in the coming years. Specialty black is projected to be in high demand for plastics and printing inks.
Leading carbon black producers have increased their production capabilities and switched over their regular carbon black production line to produce specialized carbon black in response to the rising demand for this product. The businesses are also investing in R&D facilities, which can provide them a competitive advantage in the niche carbon black market.
Increasing Specialty Black Products' Market Penetration Creates Tremendous Opportunities
The finest form of carbon black, sometimes pigment black, contains minor ash, sulfur, and other impurities. In developed countries like the United States, the market for specialty carbon black is growing swiftly, making up for the slower growth of the need for regular carbon black. Specialty carbon black has a striking hue, better conductivity, viscosity, and U.V. protection. Inks for printing and plastics are expected to have a significant demand for specialty black. In response to the increasing demand for this product, top carbon black producers have boosted their production capacities and converted their standard carbon black manufacturing line to make specialized carbon black. The companies are also spending money on R&D centers, which might give them a competitive edge in the specialized carbon black market.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.45% during the forecast period. China contributed to about 33% of the global carbon black manufacturing capacity in 2019, with a volume of roughly 5.7 million metric tonnes. China is also the world's largest exporter of carbon black. In addition to slurry oil and ethylene tar, coal tar is the primary source of carbon black. The total annual capacity of the primary carbon black feedstock for the country in 2018 was 7.5 million metric tonnes. In 2018 and 2019, there was a shortage of black carbon in China due to an increase in plant closures driven by the Chinese government's intensifying environmental protection effort, which increased the cost of black carbon.
North America is anticipated to grow at a CAGR of 5.60% during the forecast period. Most carbon black is manufactured in North America using feedstocks made from oil specifically chosen for this use. Typically, it takes 1.5 to 2 kilograms of crude oil to generate 1 kilogram of carbon black. As a result, the price of carbon black fluctuates over time and is dependent on simple oil pricing on the global market. In the past, specific fuel oil indices have been employed as a substitute for the cost of carbon black feedstocks (CBFS). In contrast to fuel oil indices, the actual cost of carbon black feedstocks has been rising.
Key Highlights
- Based on process type, the global carbon black market is bifurcated into furnace black, gas black, lamp black, and thermal black. The black furnace segment is the major contributor to the market and is estimated to boost at a CAGR of 2.95% during the forecast period.
- Based on application, the global carbon black industry is bifurcated into Tires and Industrial Rubber Products, Plastics, Toners, Printing Inks, Paints and Coatings, Textile Fibers, and Others. The segment is the major contributor to the market & is estimated to go up at a CAGR of 4.75% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.45% during the forecast period.
Competitive Players
The global carbon black manufacturers are Asahi Carbon Co. Ltd, Birla Carbon (Aditya Birla Group), Cabot Corporation, Tokai Carbon Co. Ltd, International CSRC Investment Holdings Co. Ltd, Abu Dhabi National Oil Company, Himadri Speciality Chemical Ltd, Imerys Graphite & Carbon, Jiangxi Black Cat Carbon Black Co. Ltd, Longxing Chemical Stock Co. Ltd¸ Mitsubishi Chemical Corporation, NNPC, OCI Company Ltd, and Omsk Carbon Group.
Market News
- In January 2023, Orion Engineered Carbons and Ion Specialties partnered for Mexico sales.
- In January 2023, GOODYEAR unveiled a 90% sustainable-material demonstration tire, approved for road use.
Global Carbon Black Market: Segmentation
By Process Type
- Furnace Black
- Gas Block
- Lamp Black
- Thermal Black
By Application
- Tires and Industrial Rubber Products
- Plastics
- Toners and Printing Inks
- Paints and Coatings
- Textile Fibers
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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